Payment not credited to beneficiary?

Question

I have transferred money by IMPS as it is very urgent for me to transfer. Money debited from my account but not credited to beneficiary. Called customer care but they are saying with in 4 days money will be added to your account or beneficiary account. IMPS is meant for instant transfers but why its not working on instant basis.

 

Answer 1

Dear Maninder

You are absolutely correct that IMPS transfers should get credited instantaneously.  Even a normal NEFT transfer gets credited to the beneficiary within a maximum of couple of hours. Customer Care mentioning '4' days is ridiculous.  Do complaint to the Bank's management / Banking Ombudsman, as per the process given here under.

1.    Go to your Bank’s website and search for grievance redressal (or similar name) button and submit your complaint online.

2.    If you do not receive any reply / satisfactory reply within 10 days, lodge your complaint with the Nodal officer of the Bank (either through email or letter)

3.    If you do not receive any reply / satisfactory reply within 10 days from the Nodal officer, lodge your complaint with the Principal Nodal officer of the Bank (either through email or letter)

4.     If you are still not satisfied with the reply / do not receive reply from the Principal Nodal officer within 10 days, lodge your complaint with the Banking Ombudsman (either through letter or email)

RAJA